Most project managers and project management organizations tend to shy away from the use of earned value management. If you study PMI’s Project Management Body of Knowledge you will find that one of the dimensions of earned value is defined in terms of cost. Some of the terms which are used are “estimated costs,” “actual budget” and “actual cost.” When we think of these terms we think of dollars (or pounds, or franks, etc.). Yet the fundamentals of this tool discuss value. Ask people what they value in their lives and they probably will not reference money (bar a few). I would say the same is true if you asked them what they valued on their project. To use earned value management requires us to start thinking in terms of value and not money.

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